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Selected data pertaining to Castile Co. for the current calendar year is as follows: Net cash sales: $ 3,000 Cost of goods sold:

kumpel [21]

Answer:

2.0 times

Explanation:

The inventory turnover ratio indicates how efficient a company is in converting its inventory into sales. It shows the number of times a business sells and restocks its inventory in a period.

The formula for calculating inventory turnover is as follows.

Inventory turn over = Costs of goods sold/ Average inventory

For Castile Co.

COGS is $18,000

Average inventory = Beginning inventory + ending inventory /2Beginning inventory = $6,000

if COGS = Beginning inventory + Purchases - Ending inventory

Then $18,000 = $6000 +$24,000 - ending inventory

=$18,000 = $30,000 -ending inventory

Ending inventory = $30,000-$12,000

Ending Inventory =$12,000

Average inventory = $6000+$12,000/2

Average inventory = $9,000

Inventory turnover = $18000/$9000

=2.0

6 0

3 years ago

Pallen Company estimated sales of 11,000 units at $40 each, unit cost of goods sold of $22, marketing expense of $65,000 and a 1

kirza4 [7]

Answer:

D. $109,000

Explanation:

The total selling expense which is an element of the income statement is the sum of the marketing expense and the sales commission.

The sales commission as given is a percentage of the number of units sold.

Total selling expense

= $65,000 + (10% * $40 * 11,000)

= $65,000 + $44,000

= $109,000

5 0

4 years ago

On December 31, 2020, Flounder Company signed a $1,278,400 note to Culver Bank. The market interest rate at that time was 10%. T

S_A_V [24]

Answer:

All requirements are solved

Explanation:

An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term. Each periodic payment is the same amount in total for each period.

Requirement A

Amount of cash Flounder received from the loan =(1,278,400 x 0.62092) (102,272 x 3.79079)

Amount of cash Flounder received from the loan = 1,181,476

Requirement B

Date Cash Interest Increase in Carrying Amount

Received Revenue Carrying Amount of Note

12/31/20 1,181,476

12/31/21 102,272 118,148 15,876 1,197,352

12/31/22 102,272 119,735 17,463 1,214,815

Requirement C

Loss due to impairment = 1,214,815 - [(767,040 x 0.75131) (102,272 x 2.48685)]

Loss due to impairment = 384,195

6 0

3 years ago

When the copyright holder leases, for a fee, the product for use by others (lessors), what happens to the copyright protection?

Leto [7]

The choices can be found elsewhere and as follows:

It is passed to the person/company that leases the product.
It remains with the copyright holder.
It is transferred to the lessors under "First sale" doctrine.

I believe the first option is the correct answer. When the copyright holder leases, for a fee, the product for use by others (lessors), then the copyright protection is passed to the person/company that leases the product.

8 0

3 years ago

Which of the following statements are true about the chart of accounts? (You may select more than one answer. Single click the b

sesenic [268]

Answer:

These answer choices are correct:

a) Different companies use different charts of accounts based on individual company need.

The chart of accounts is the list of all the accounts that a company uses over a period of time. Because each company has a different economic and operating activity, each company's chart of accounts is unique.

b) The chart of accounts contains the balance of all of the accounts in a ledger

c) The chart of accounts should be ordered in a logical sequence based on type of account

The chart of accounts includes all the acounts of the ledger, and it also is organized following a logical sequence. Assets, Liabilities, Stockholders' Equity, and their corresponding subdivisions, is usually the order of organization.

7 0

3 years ago